Park’s offer of $31.71 per share represents a premium of about 8 percent to Chesapeake Lodging’s closing price on Friday.

The merged entity will have an enterprise value of about $12 billion, following the close of the deal by fourth quarter of 2019, and is closely behind No.1 Host Hotels & Resorts Inc’s enterprise value of about $17.7 billion, Park Hotels said.

Park’s portfolio of properties consists of 51 premium-branded hotels and resorts, which have more than 30,000 rooms located in prime U.S. markets.

Chesapeake Lodging owns 20 hotels, which have a total of 6,288 rooms in eight U.S. states and the District of Columbia.